Published By : 06 May 2016 | Published By : QYRESEARCH
The light emitting diodes (LEDs) have created a huge revolution in the lighting as well as the energy market. Towards the end of 2014, this market had held a significant share in the overall lighting market and researches predict that this trend will continue in the coming years as well. LEDs have become a raging fad amongst global consumers as they are highly energy-efficient and thus environment-friendly. Owing to these reasons, the global LED market has been witnessing a surge. As compared to conventional lighting options, LEDs consumer lesser energy, come with enhanced physical robustness, improved lifetime, smaller size, and faster switching.
Wide Range of LED Applications Drive Demand in Global Market
Due to these incredible properties, LEDs are used in a wide range of application such as in automotive and aviation lighting, headlamps, general lighting, health care, forensic, signals and signage, advertising, camera flashes, mobile devices, and electronic devices. Geographically, this market is segmented into Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. The only drawback for the LED market is the fact that these bulbs are far more expensive than the regular bulbs. Furthermore, they also require specific electricity and heat management, which is also hampering the growth of this market.
Competitive Pricing of LED Bulbs to Attract More Consumers
The primary growth driver for the global LEDs market is the rising awareness amongst consumers about the increased lifespan of these bulbs. Owing to this reason, more and more people are adopting these bulbs, which is leading to an increasing revenue of the overall market. In the coming years, the competitive pricing of LED lamps for back lighting is also expected to provide a boost to this market. The technological innovations and increasing application of LED in signals and signage, large screens, and automobiles are all anticipated to contribute the proliferating global LED market.